Is It Bank Owned?
If you are new to property buying, you will find that there is much to learn about the process, including ways to discover the condition of a house before committing yourself to it. After all, you want the purchase to be a wise investment. Let’s take one house-buying option – bank-owned properties.
What can you expect to find with a bank-owned property? Think about the possible reasons why the bank owns the house. Very often it is because the homeowner could not keep up with the mortgage repayments. If something as essential as the mortgage hasn’t been paid, then it is unlikely much money has been spent on the maintenance of the home - so it could require work.
Bank-owned properties are often left empty for some time – this allows intruders the opportunity to strip the home of anything worth money. In many cases, bank-owned houses are vandalized, full of trash, and in dire need of attention.
If you find a bank-owned home for sale in your desired location, what should you do? You must have the house thoroughly inspected before buying it. You may have some idea of the work that needs doing, but only a home inspection will reveal the home's true condition and give you an idea of how much money it will take to repair it. Only then can you be confident about buying this type of property.
Mike McFadden, Certified Master Home Inspector in Orlando, FL